A Montenegrin excessive court docket in Podgorica has revoked Terraform Labs co-founder Do Kwon’s bail.
In accordance with a Could 24 Bloomberg report, a spokeswoman for the court docket Marija Rakovic stated the court docket choice additionally impacts the corporate’s former CFO, Han Chong-Joon. Which means Kwon and Chong-Joon would stay in jail till their trial.
Following this ruling, the decrease court docket has to make a brand new choice regarding Kwon’s case. Rakovic reportedly stated:
“The Primary court docket ought to now make one other choice, making an allowance for what the Excessive Court docket dominated.”
Kwon and Chong-joon have been arrested in Montenegro whereas attempting to fly to Dubai in March. On the time, the Montenegrin authorities claimed their Belgian and Costa Rican passports have been cast. Kwon pleaded not responsible.
On Could 12, Kwon and his CFO have been granted bail. Nonetheless, Montenegrin prosecutors opposed this ruling as a result of the defendants had the means to flee the nation and had little interest in staying behind.
Kwon faces felony costs in South Korea and the U.S. Any potential extradition to both nation would depend upon the end result of the solid paperwork costs in opposition to him in Montenegro.
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